Oneok Q1 Throughput Rises in NGLs, Gas Processing as Crude Volumes Decline
Midstream firm Oneok (OKE) reported Q1 earnings Tuesday, showing natural gas liquids throughput volumes rose to 1.49 mmb/d, compared with 1.29 mmb/d a year earlier.Natural gas processed volumes totaled 5.49 billion cubic feet per day in Q1, up from 5.25 Bcf/d a year earlier, led by increases in the Mid-Continent, Permian, and Rocky Mountain regions.Crude oil transportation volumes fell to 1.61 million barrels per day for the quarter ended March 31, compared with 1.85 mmb/d a year earlier, the company said.Refined products shipments reached 1.57 mmb/d for Q1, compared with 1.40 mmb/d a year earlier, Oneok said.Gasoline throughput volumes rose 16% at 909,000 b/d for the quarter, compared with 785,000 b/d a year earlier. Distillates jumped 12% to 562,000 b/d, up from 500,000 b/d a year ago.Aviation fuel and other volumes dropped to 97,000 b/d, from 116,000 b/d a year earlier.The company advanced growth projects including the Medford fractionator, with Phase I capacity of 100,000 b/d expected in Q4 2026 and Phase II capacity of 110,000 b/d targeted for Q1 2027, it said.Oneok is also progressing a Texas City LPG terminal with 400,000 b/d capacity, expected online in early 2028, alongside a Denver refined products pipeline expansion adding 35,000 b/d by mid-2026, the company said.In the Permian Basin, Oneok completed a 150 million cubic feet per day plant relocation in Q1 2026 and is building 110 mmcf/d expansions for completion in Q3 2026, with a 300 mmcf/d Bighorn plant planned for mid-2027.